JPMorgan announced on Thursday that it has set targets to cut emissions by 2030 that are tied to its financing activities in the aviation, cement, iron, and steel sectors. This comes after the investment bank released similar emissions reduction targets for its activities linked to the oil and gas sectors in 2021.
As the world continues its shift toward a low-carbon economy, JPMorgan is now looking to adopt climate goals that are aligned with investors’ expectations as well as global trends. Having already released its oil, gas, electric power, and auto targets last year, the multinational investment bank is now looking to set emissions targets for all sectors that it is involved in that are most responsible for carbon emissions.
While JPMorgan seeks to cut emissions per tonne of crude steel produced by 31% by 2030, the bank is also looking to achieve a 29% cut in the cement sector and a 36% cut in the aviation sector. The company stated that its targets fall in line with the International Energy Agency’s Net Zero Emissions scenario.
In tandem with its emissions reduction efforts, JPMorgan announced that it will continue to show support for the oil and gas sectors. “Constraining the flow of capital needed to produce and move fuels, especially as the war in Ukraine rages on, is a bad idea. The world still needs oil and natural gas today,” CEO Jamie Dimon commented.